Technology companies are listing on the stock exchange because investors have shown a willingness to back high-growth companies with ambitious plans and sometimes little revenue.
On Wednesday, the survey software and hardware developer, ikeGPS, will start trading on the NZX and last month, the utilities and airports software provider, Gentrack, and corporate travel software firm, Serko, both made their stock market debuts.
Eroad, which sells technology to manage road user charges for trucks, is now in the process of raising up to $50 million.
WhereScape chief executive Michael Whitehead said Xero's success was an obvious reason why tech firms saw a New Zealand listing as a good bet.
The Auckland-based company, which develops data warehousing software, is currently considering its own float.
Mr Whitehead said technology companies listing on the New Zealand market get good coverage, where as listing on another market, such as the ASX, is unlikely to get as much coverage.
He said Rod Drury and the work that he has done with Xero shows that the NZX was a really viable capital market for tech stocks.
"Look at his journey, he raised $15 million for a market capitalisation of $55 million when his revenue was zero, literally zero."
At 30 June, the 10 tech companies listed on the stock exchange had a combined market capitalisation of $4 billion, accounting for nearly 5 percent of the total NZX equities market.